The USD is moving lower vs the major currencies. What technical levels are being broken?

The USD is moving lower vs. the major currencies. The FOMC rate decision is still one day away where they market traders will be interested in what the Fed has to say about future policy action. For today what technical levels are being broken from the USD selling?

EURUSD:

Sellers emerged early in the Asian session, but once again, buyers stepped in near 1.1273—a key support level on the daily chart. The repeated defense of this level pushed the pair higher, but gains stalled near the 200-hour moving average at 1.13469. That moving average has capped rallies over the past two days, each time leading to a reversal. Today, sellers appear more cautious. A sustained move above the 200-hour moving average would shift the technical bias more firmly to the upside.

USDJPY:

Last Friday, USDJPY tested the 200-bar moving average on the 4-hour chart, where sellers stepped in and drove the pair lower. In today’s session, the price first broke below the 200-hour moving average and then found temporary support at the 100-bar moving average on the 4-hour chart near 142.86. However, sellers have since pushed the price below that level as the U.S. session gets underway. Holding below the 100-bar moving average would open the door toward the next downside target in the 141.64–142.11 swing area. On the flip side, a failure to stay below could lead to a rebound toward the 200-hour moving average at 143.49.

GBPUSD:

GBPUSD is pushing higher today after breaking above the 100-hour moving average at 1.3302, followed by the 200-hour moving average at 1.3326. The bullish momentum has taken the pair into a key resistance zone between 1.3362 and 1.3378. The current price is trading within that swing area. A break above would open the door toward the upper extreme for the year, between 1.3378 and 1.3441. This resistance zone marks a critical test as the U.S. session begins.

In Germany, political uncertainty as the first parliamentary vote to confirm PM Merz as Chancellor fell short of the required majority, receiving 310 votes versus the 316 needed. A second vote is scheduled for 14:00 BST.

In North America, trade data for March is due today. The U.S. is expected to post a substantial trade deficit of $137 billion, widening from $122.7 billion in February. Canada is also forecast to report a slightly larger deficit of $1.56 billion compared to $1.52 billion previously.

At 10:00 AM ET, Canada’s Ivey PMI will be released, with the prior seasonally adjusted figure at 51.3. The index tends to be volatile and usually doesn’t spark significant market reactions.

At 1:00 PM ET, the U.S. Treasury will auction 10-year notes. Yesterday’s 3-year note auction saw solid demand, particularly from domestic buyers.

In FX sentiment, a Reuters poll shows growing concern about the U.S. dollar’s safe-haven status: 46 of 83 strategists expressed concern, up from 19 of 51 in the previous survey.

Looking at other data, the major US stock indices are trading lower according to the futures:

• Dow industrial average -257 points
• S&P index -43 points
• NASDAQ index -205 points

Yesterday the S&P snapped its nine-day win streak with a decline out minus 36.29 points or -0.64%. The NASDAQ index fell -0.74%

In the US debt market, yields are mixed ahead of the 10 year auction at 1 PM ET:

• 2-year yield 3.807%, -3.4 basis points
• 5-year yield 3.928%, -1.4 basis points
• 10 year yield 4.341%, -0.2 basis points
• 30 year yield 4.840%, +1.2 basis points